Though it may be freezing cold outside, the real estate market in Edmonton is heating up again!
As reported last Friday by the Edmonton Journal, Edmonton home buyers are enjoying a happy combination of: competitive home prices, healthy inventory, strong national sales growth, and historically low interest rates. All of that led to a boost in November MLS sales – the first such increase in five months.
According to the Realtors Association of Edmonton:
- The average price of a single-detached home sold for $362,657 -- .5% lower than October 2010, and 2.5% lower than October 2009.
- Condo prices dipped to an average of $229,604 – a 2% dip from October 2009, and a 3% drop from November 2009.
- The average number of days a house remained in the market was 59, down from 60 in October.
"The market has been pretty slow all summer, and although that general trend has not changed much yet, there are definitely signs of life," ATB Financial economist Dan Sumner observed. “Overall, with interest rates really low, in some cases even lower than a year ago, I find it hard to believe that housing markets won't pick up at least a little bit going forward."
As an Edmonton Realtor, I agree with Sumner’s prediction: while I don’t expect that prices will zoom up in response to the increased demand (at least not like they did last year, when prices jumped more than 10%), it’s clear that prices are on the upswing. And with interest rates still hovering around historical lows, it just makes much more financial sense for people to buy instead of rent – especially first time home buyers.
How Might this Impact You?
If you’re selling your Edmonton home, then it’s good news – but you don’t want to “overplay your hand.” While prices seem to be on the rise, taking a wait-and-see approach could end up costing you thousands as potential buyers move onto other, listed homes. Remember, nobody expects prices to zoom up 10%+ like they did last year (those days are over!), so it’s a great time to list your home and expect to get offers that make you happy.
If you’re buying an Edmonton home, then the advice is obvious: go for it! Prices are expected to rise, and with that, inventory will fall. That means you’ll pay more for less selection if you don’t get things in gear sooner; not later.
If you’re thinking of buying or selling your Edmonton home, then get in touch with me to discuss your options, and build a customized plan that helps you achieve your selling or buying goal successfully and stress-free. Call me at 780-709-0811. I’m here to help!Posted by Chris Proctor on